WPX Energy
Former American independent oil and gas exploration and production company acquired by Devon Energy in 2021.
Last updated August 27, 2026
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Overview
WPX Energy, Inc. was an American independent exploration and production company focused on developing unconventional oil and natural-gas resources in the continental United States. The business emerged as a separately traded public company in January 2012 through a spin-off from The Williams Companies, whose historical name for the operation was associated with Williams Production and Exploration. WPX was organized in Delaware and headquartered in Tulsa, Oklahoma. The company’s operating portfolio evolved substantially during its independent existence. Its principal producing positions were ultimately concentrated in the Williston Basin of North Dakota and the Permian Basin of West Texas and New Mexico. In 2019, the Williston Basin accounted for approximately 42% of average production and the Permian Basin for approximately 58%. The portfolio was weighted toward liquids: petroleum represented about 62% of 2019 average production, natural-gas liquids about 16%, and natural gas about 22%. At the end of 2019, WPX reported approximately 527.559 million barrels of oil equivalent in proved reserves, consisting of roughly 56% petroleum, 21% natural-gas liquids, and 23% natural gas. WPX used acquisitions and divestitures to reposition itself toward higher-value unconventional oil assets. During 2014 and 2015, it monetized selected Piceance Basin interests, Marcellus marketing contracts, mature Wyoming coalbed-methane properties, and Argentine assets, while adding acreage in the Gallup oil window of New Mexico’s San Juan Basin and acquiring RKI Exploration & Production, which expanded its Permian Basin position. In 2016, WPX sold its San Juan gathering system and Piceance Basin assets. It then continued to enlarge its Permian position, including a major 2017 asset acquisition, while later exiting the San Juan Basin. The company’s business was upstream rather than midstream: it explored for, drilled, completed, produced, and marketed hydrocarbons, while also holding selected gathering and infrastructure interests that were later divested. Its products were crude oil, natural-gas liquids, and natural gas, sold into U.S. energy markets rather than offered as consumer-facing branded products. WPX ceased to exist as an independent public company in January 2021 when it merged with Devon Energy. The transaction combined the companies’ U.S. unconventional portfolios, and WPX’s separate stock-market identity and corporate operations ended as a result.
History
WPX Energy became an independent public company in January 2012 after completing a spin-off from The Williams Companies. The newly separated company was organized in Delaware and maintained its headquarters in Tulsa, Oklahoma. Its business was centered on hydrocarbon exploration and production, with an emphasis on unconventional resources in the United States. During its independent period, WPX repeatedly adjusted its asset base through sales, acquisitions, and infrastructure transactions. In June 2014, it sold a working interest in selected Piceance Basin wells to Legacy Reserves LP. In 2015, the company sold Marcellus Shale marketing contracts, acquired 14,300 net acres in the Gallup oil window of the San Juan Basin in New Mexico, and purchased RKI Exploration & Production. The RKI transaction expanded WPX’s Permian Basin position and helped support the company’s longer-term concentration on oil-weighted unconventional development. Later that year, WPX sold its remaining mature coalbed-methane properties in Wyoming’s Powder River Basin and disposed of its Argentine assets. WPX continued portfolio rationalization in 2016. It sold its San Juan Basin gathering system and divested its Piceance Basin assets. These transactions reduced exposure to assets that were less central to its evolving strategy and increased the relative importance of the Williston and Permian basins. In January 2017, WPX acquired additional Permian Basin assets. In 2018, it sold its San Juan Basin assets, leaving the company more concentrated in its two principal producing regions. By 2019, all of WPX’s assets were located in either the Williston Basin or the Permian Basin. The Williston represented approximately 42% of average production, while the Permian accounted for approximately 58%. Average production was reported at approximately 166.9 thousand barrels of oil equivalent per day, with petroleum making up about 62%, natural-gas liquids 16%, and natural gas 22%. At December 31, 2019, proved reserves totaled approximately 527.559 million barrels of oil equivalent, with petroleum comprising approximately 56% of the reserve base, natural-gas liquids 21%, and natural gas 23%. WPX’s operations were primarily upstream. It explored for and developed hydrocarbons, operated or held interests in producing properties, and sold the resulting crude oil, natural-gas liquids, and natural gas. Although it held certain gathering and marketing interests at different times, these were supporting assets rather than the company’s central identity. In January 2021, WPX merged with Devon Energy. The transaction ended WPX’s status as an independent company and removed its separate public listing. Its assets and operations became part of Devon Energy’s combined U.S. unconventional oil and gas business.
- 2021
Merger with Devon Energy
[1]WPX merged with Devon Energy and ceased operating as an independent public company.
- 2018
San Juan Basin divestiture
[1]WPX sold its San Juan Basin assets, further concentrating its portfolio in the Williston and Permian basins.
- 2017
Permian Basin expansion
[1]WPX acquired additional assets in the Permian Basin.
- 2016
Piceance Basin exit
[1]WPX sold its Piceance Basin assets to Terra Energy Partners.
- 2015
RKI Exploration & Production acquisition
[1]The acquisition of RKI Exploration & Production expanded WPX’s presence in the Permian Basin.
- 2014
Piceance Basin working-interest divestiture
[1]WPX sold a working interest in certain Piceance Basin wells to Legacy Reserves LP.
- 2012
Spin-off from The Williams Companies
[1]WPX completed its corporate spin-off from The Williams Companies and became a public company.
Products and positioning
Independent upstream oil and gas exploration and production company focused on unconventional U.S. resources, especially oil-weighted assets in the Williston and Permian basins.
Hydrocarbon production
Crude oil
Crude oil was WPX’s principal produced commodity and the largest component of its production mix. The company focused increasingly on oil-rich unconventional formations, particularly in the Williston and Permian basins, where horizontal drilling and hydraulic fracturing supported development of tight-oil resources.
Hydrocarbon production
Natural-gas liquids
Natural-gas liquids were produced alongside crude oil and natural gas from WPX’s unconventional wells. They formed a meaningful part of the company’s liquids-oriented production profile and were marketed into U.S. energy and petrochemical supply chains.
Hydrocarbon production
Natural gas
Natural gas was a secondary but material component of WPX’s production. It was produced from the company’s basin operations and sold through U.S. gathering, processing, and pipeline systems, including infrastructure interests that WPX periodically acquired or divested.
Brand decisions
2021
Merge with Devon EnergyM&ABackground
WPX and Devon Energy pursued a combination of their U.S. unconventional oil and gas operations.
Action taken
WPX merged with Devon Energy in January 2021.
Aftermath
WPX ceased to exist as an independent public company and its assets became part of Devon Energy.
2016
Divest Piceance Basin assetsStrategyBackground
WPX was reducing exposure to assets outside its preferred unconventional oil growth areas.
Action taken
WPX sold its Piceance Basin assets to Terra Energy Partners.
Aftermath
The divestiture supported a more focused portfolio centered on the Williston and Permian basins.
Transaction value. $911 million (2016)
2015
Acquire RKI Exploration & ProductionM&ABackground
WPX was reshaping its portfolio toward unconventional oil and sought to increase its exposure to the Permian Basin.
Action taken
The company acquired RKI Exploration & Production, adding Permian Basin assets.
Aftermath
The transaction contributed to the company’s later concentration in the Permian Basin and other core U.S. oil regions.
Recent events
Devon completes merger with WPX Energy[2]
Reported:
Devon Energy completed its all-stock merger with WPX Energy; the combined company operates under the Devon name.
Devon Energy and WPX Energy announce merger plan[3]
Reported:
Devon Energy and WPX Energy announced a plan to merge in an all-stock deal that would create a company with an enterprise value of about $12 billion, based on the Friday stock values cited in the report.
Weekdays and relative dates follow the original report; their exact calendar dates have not been verified.
Sources4 sources
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